6/27/16 was up +$0.38 and the model projects that the component on yesterday's kill will be up between +0.30 and +0.60.

Packers only purchased 65.7% of the moving average daily purchases. This is the fifth day in a row when their purchases have been just fair at best. Demand is doing all right with cutouts showing a bit of strength.

The kill rate continues to lag behind the projected rate from the last H&P report. It may be the hot weather is slowing growth but it may be some pigs got placed in the wrong category.

I'm long an NNN future.

Best wishes,

dhm